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02.02.2015 12:30

Around $400,000 allocated for start-up support in Azerbaijan

By Huseyn Valiyev – Trend:

The Azerbaijani State Fund for Development of Information Technologies will render financial support to start-up projects in the amount of 312,000 AZN, the State Fund told Trend Jan. 26.

The funds will be rendered in the form of grant funding of 30 projects that have passed the qualifying round within the second contest held by the Azerbaijani State Fund for Development of Information Technologies.

The documents for participation in the contest were accepted from October 15 to November 15, 2014. During this period the number of projects submitted to the contest was 129.

According to the previously approved criteria of the Supervisory Board of the State Fund, the expert group chose 62 projects.

The Supervisory Board decided to allocate grants to 30 projects. Around 10,000-12,000 AZN were envisaged for the development of each project.

The projects, submitted to the State Fund, are assessed upon the following parameters, namely, development of advanced software and innovative ICT products, solutions for e-commerce, e-services, mobile applications, introduction of new technologies, etc.

The State Fund for Development of Information Technologies was established in accordance with the presidential decree dated March 15, 2012.

The main objectives of the fund are to conduct the state policy on development and support of small scientific and technological enterprises, to render them direct financial assistance, to train the staff. This will contribute to the creation of new jobs.

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